Going offshore to escape the CFTC

Broker Discussion Forex Brokers
2438

It seems to me that you’re just being unconditionally paranoid about everything because of your bad experience with your past broker as well as the inconsistencies you are seeing with Trader’s Way. I make a point to come to this thread nearly everyday and talk about the topic at hand or bring other topics of importance to the table and I read, from someone with one post, that I am a “decoy” for a company because I made a few on topic posts saying good things about a broker you just so happen to be investigating for your own purposes. I brought up a sample of what I had said in the past and present about other brokers which whom I have live accounts. I have talked about a lot more than Trader’s Way in this thread in the past.

No, I cannot explain their phone number. I never asked about it because I never needed nor wanted to call it. I also never searched for their area code on Google - while I do find that rather curious myself. Find out and report back here with your findings.

And again, what do you like about SmartTradeFX? I currently use Trader’s Way, AssetsFX, and Forex.com (not funded). I like the commissions and spreads on AssetsFX but their website seems to be lacking and their leverage is low. However I find that they are a true ECN (in my opinion). Consider them too before making a decision. Their server is also located quite close to where I live so my ping is excellent.

2439

Dude,

“unconditionally paranoid”??? That’s funny! (-:

“Their server is also located quite close to where I live…”??? And where might that be???

Let’s act like gentlemen. OK?
And, let’s not use this forum as a “pissing contest”!

Shoot me an email at my josekanuc handle at gmail, and then we can go from there…

PS: I live in Saint Petersburg, but the one in FLA, not Russia!

2440

Sure thing. I will be happy to take this to email as to not contribute to the disrespect for this forum – especially this thread – any further.

I found another broker [B]EvenForex[/B] also located in Dominica. They have informed me that they do not accept clients from the United States.

Their website: Online Forex Trading Broker | Forex Trading India | Best Forex Broker India | EvenForex

They have the same address as Trader’s Way which is how I found it. I decided to take a look at what Joe was saying.

2441

Maybe we need to update our Trader’s Way listing.

Here are some things not mentioned in the listing as it now stands:

• the owners/operators/managers of this broker are not identified

• this broker is not regulated in any jurisdiction

• it is not known where this broker is domiciled

• “address” in Dominica is a mail-drop only

• phone number is in the Dominican Republic area code (not to be confused with Dominica)

Here’s a possible revised listing for this broker:

• Trader’s Way (Dominica ? - Dominican Republic ?) — Russian (?) broker — not regulated —
— address is mail-drop in Dominica, phone is in Dominican Republic area code —
— use extra due diligence — see posts #1316, #1564, #1809, #1810, #1814 and #2276 for more info
Platforms: MT4, CT Trader. – Min. initial deposit: 1 USD for D/D account, 10 USD for ECN account.
– Max. leverage: 500:1 up to 1K account, 200:1 for 1K-10K account, 100:1 for 10K-100K account
– Spreads: EUR/USD 2 pips, GBP/JPY 5.5 - 7 pips.
Website: Best Forex MT4 Broker | Trader’s Way
Email: <[email protected]> - Tel/Fax: +1 849 9370815

Comments?

2442

Clint,

I believe your revision is accurate given the details we now know. However, I am not sure why they are classified as a Russian broker if the owners are not identified?

Joe, did you ever get any further explanation regarding their address and phone number?

2443

I’m with you on those bank wire fees. Profiforex takes Paypal. I’ve been with them now almost 2 years. No problems. Also, I don’t have an account with ForexbrokerInc, but they are advertising “VIP Status” accounts ($500 min) for US residents where they agree to cover bank wire fees.

2444

Thank you for that information! I never gave ForexBrokerInc a good enough chance to actually delve into their service details. I appreciate that; I will check them out some more.

Apparently there are some new bank tariffs that have made wire transfers into the United States very expensive…

I am not entirely sure about Profiforex at the moment but it is nice to hear someone else has had a good experience with them. If anything I would likely play with their cent account for a while. Their withdrawal fees were high for the amount I was looking to deposit as they do not charge a percentage but a fixed dollar amount. I only wanted to deposit around $50 into the cent account and test them out but to withdraw it I would end up losing 10%. Oh well, it is only $5 in the end.

Have you looked at AssetsFx? I live in New York and their server is 40 miles away from my in NYC. My ping is 23ms! I am not sure how it would be in California but it shouldn’t be too bad.

2445

That info came from [I]Gypsy Trader,[/I] 2½ years ago, when he introduced [B]Trader’s Way[/B] to this thread. Here’s his post — 301 Moved Permanently.

Gypsy didn’t say where he got that “Russian” information. However, he posted quite often in the 2012-2013 time period, and his information was consistently reliable. So, I took his word for the Trader’s Way Russian connection.

Since then, I have searched for info on who those “professional traders” are who founded Trader’s Way, and have found absolutely nothing on the internet.

If anyone out there has some inside information on this question, please post it here.

2446

Clint,

This is getting deep!!! lol…

Regarding “TradersWay”? I have been exchanging emails with one of their “sales associates”, by the name of Joe Carney. When I asked him where he is located, he responded in email stating that their sales office is “8 Copthall whatever” in Dominica!

I replied with an email asking him why they would have sales offices located there? Since a simple “google search” reveals numerous “rip-offs” from other business entities using that identical address.

I also asked him for his PhotoID to prove his identity! I am awaiting his reply!

The Russian Connection to TradersWay??? Who knows, could be???

In the meantime, I’m still in search of a “legit offshore broker”!
I was with 4runnerfx, aka ForexSystems, until they folded (or just disappeared) last month!
Surprise, surprise??? )-:

I have looked at ForexBrokersInc., but when I tried their demo platform, it sucked!
I’ve exchanged emails with one of their “sales associates” by the name of Charlotte Frank,
but to date their was no resolve in the matter, so I dropped them!

Anyone out there trading with ForexBrokersInc???

So, right now I’m leaning toward SmartTrade, after reading previous posts at this thread.
Can anyone provide positive information regarding this broker???

Let’s face the facts! The Dodd-Frank, aka The Wall Street Reform and Consumer Protection Act, has screwed us little guys! But I’m not so sure that the bill was intended for that purpose. If you go to Wikipedia and read about Dodd-Frank, there’s an immediate disclosure saying that reading it:
"…may be too technical for most readers to understand." Ya think!

As I see it, is the fact that US Brokers lobbied congress to label off shore brokers as havens for terrorists??? As a result, most legit off shore brokers abided by “big brothers” pressure, and started dropping US clients!!! That’s when the illegit ones appeared on the scene! DUH!

So where does that leave us???

Jose, aka Joe (in St Petersburg, FL.) (-:

2447

The listing for [B]Trader’s Way (Dominica / Dominican Republic ?)[/B] has been updated.

2448

Appreciate the info. I tried the demo on AssetsFX several months ago. They seemed very good. Plus I like the fact they take Paypal. These guys would probably be my next choice.

One question though, do they give you micro-lot access to gold, silver and crude in the live account? Their trading conditions page says mini-lot for these but I had micro in the demo. Just wondering…

2449

Clint, I am glad to hear it. I will keep searching for another source for the “Russian” claim that Gypsy Trader made a couple of years back.

Actually, I signed up with them specifically to trade gold and can tell you first hand that they do not offer micro lots on metals. I also confirmed this on chat with them as I was kind of disappointed (I did not read the fine print on their site as I am prone to doing. Instead I simply used the demo account and assumed it would be the same as real…)

However, I cannot speak as to whether or not the minimum order for crude is 0.01 or 0.10 as I have never traded it yet. I can place pending orders of 0.01 lots on XTIUSD.afx but I can do the same on gold and silver so this tells us nothing. I will find out in chat though when they come on and report back.

I funded my account using PayPal and they actually credited back half of the PayPal fees charged during the transaction. I believe I had to ask them to do it in a message or something (ask chat support before sending the payment as I did this over a year ago and don’t remember exactly how the process worked to get them to cover half of the fees).

2450

That’s great info! Thank you. It is a bit disappointing they don’t offer microlots for precious metals and (probably) crude. But a lot of brokers do the same.

Anyway, I should mention one more broker from Clint’s list I’ve been particularly satisfied with over the past two years – FX Choice. Bank wire is the only withdrawal option for US residents. But they do offer excellent FOREX spreads, particularly on the ECN accounts. Always have experienced good customer service. Also I like how they continue to expand their offerings and services. For example, accounts over a certain amount get free VPN service. Last year they added MT5 accounts. More recently they added Binary Options accounts. And they continue to add to their list of CFDs – all available in microlots. Interestingly, they appear to be in the process of adding some agricultural commodity CFDs (corn, wheat, sugar, coffee). These have just been added to the CFD list on their webpage, but aren’t showing in the MT4/MT5 accounts yet. I’ll give 'em a few more days and ask on chat.

Happy Trading!

2451

SLS,

Thanks for your critique of [B]FX Choice.[/B] I will reference your post in the FX Choice listing.

2452

Please add 1billionforex , They are accepting usa and canadian clients. I’m using them

2454

Regarding [B]1BillionForex (Belize)[/B] —

According to their website, they are an [I]Introducing Broker (IB) for FX Choice (Belize),[/I] which is one of the brokers on our List.

This statement appears on the 1BillionForex website:

ABOUT US

We are an IB Partner Broker of FXChoice, regulated by the Belize Financial Authority. We are a Forex Brokerage located in Belize. Currently we have thousands of clients and are known for our helping traders get the best trading conditions. Our specialists team of FX market professionals have built strong relationships with more than 20 top tier banks and we are therefore able to offer you the best spreads and service. Our Execution is second to none and traders receive 100% satisfaction.

In answering questions about their company, 1BillionForex repeatedly refers to the FX Choice license and registration numbers:

4.Company Information

Are you a full brokerage?

Yes, We work as a Full Brokerage however we are affiliate partners with a main brokerage called FXChoice.

Are you Regulated?

1BillionForex is a partner of FX Choice Limited is authorised and regulated by the IFSC (Licence number: IFSC/60/191/TS/14)
1BillionForex is a partner of FX Choice Limited registration number: 105,968.

From the FX Choice website:

FX Choice Limited is authorised and regulated by the IFSC (Licence number: IFSC/60/191/TS/14)

FX Choice Limited registration number: 105,968

To the best of my knowledge, we have no Introducing Brokers on our List.

Should we consider an exception in this case? — Comments?

2455

Anybody has extensive experience with forexbrokerinc? I signed up with them two months ago and have a limited amount of money there (under $100). Before committing more I was wondering whether anybody had withdrawals of several thousands from there. I am concerned by their never ending promotions for US citizens, loyalty bonuses of 50% etc. I remember similar things from Arab Financial Brokers (my previous broker) and it did not turn out too well.

Since most people lose money, if a person deposits $1,000 and get a 50% loyalty bonus, the $500 has to come from somewhere. At best it suggests a bucket shop operation ($500 is really imaginary) at worst something else altogether.

2456

Have you checked the [B]references[/B] listed in post #2 for ForexBrokerInc ?

There are 11 posts referenced, altogether. A link to each one appears at the bottom of post #2.

Those links will take you to posts in this thread where ForexBrokerInc is discussed.

2457

So FXChoice is a a legit broker for US citizens? How safe is the regulations in Belize? I would love to go offshore, but it scares me to send money where I might not be protected.

2459

yeah FXchoice and 1billionforex IB are regulated in Belize. The good thing about Belize is that its not legal to operate a brokerage there without regulation which means the government takes protecting us clients seriously i think.